_Development-approved site in sought-after Toowong for sale
The freehold 1,571sq m vacant landholding at 58 High Street in Toowong is being taken to the market by Knight Frank agents Christian Sandstrom and Blake Goddard in conjunction with CBRE’s Andrew Purdon and Will Carman via Registrations of Interest.
The property is being sold by CDL Australia Holdings Pty Ltd.
The site has dual street frontage to High Street and Ebor Street, and is zoned Major Centre, permitting development up to 20 storeys, however it already has approval in place for a 26-storey development and is shovel ready.
It is centrally located with immediate proximity to Toowong Village, Toowong Train Station, the Regatta Hotel and Brisbane River foreshore. It is also within close proximity to the University of Queensland and the Brisbane CBD.
Across the road is the proposed Toowong Central development, a $1 billion mixed-use precinct spanning a 14,126sq m site with frontages to High Street, Sherwood Road and Jephson Street. It is expected to rejuvenate the precinct with retail, office and communal recreation spaces.
Mr Sandstrom said the property was a prominently-positioned high-density development opportunity situated within one of Brisbane’s most established and tight-held inner-west precincts.
“The site is embedded within a highly connected urban neighbourhood, surrounded by established local amenity and transport infrastructure, including via rail, bus and arterial road networks,” he said.
“It offers an opportunity to create a landmark residential project in a high-growth precinct.
“Toowong is set to be transformed over the coming years, with this area set to become a major hub due to major projects in the pipeline.
“The suburb has already seen a flurry of development activity with the recent completion of the Monarch residences and Arc project due to be completed this year. A majority of these apartments have been largely pre-sold with strong demand for the remaining stock within these projects reflecting purchaser demand in this popular inner western suburb.”
Mr Purdon said given the location and connectivity, a BTR project on the site was likely to be met with high tenant demand as inner Brisbane was exceptionally undersupplied for rental apartments.
“We also anticipate strong interest from PBSA and co-living developers as an alternative strategy to BTR given the site’s close proximity to the University of Queensland and the Brisbane CBD,” he said.
“The development also offers the potential for expansive outlooks across the Brisbane River and CBD skyline.
“While the site is currently approved for a BTR scheme, there is flexibility for buyers as the property could also suit alternate living sectors including build to sell, student accommodation, short-term accommodation and office, subject to council approval.”